Business, 17.04.2020 15:30 ksiandua07
On January 1 of the current year, a company issued bonds dated January 1 with a par value of $600,000. The bonds mature in 5 years. The contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds are sold for $555,844. The company uses the straight-line method of amortization.
Required:
(a) Prepare the general journal entry to record the issuance of the bonds on January 1 of the currentyear.
(b) Prepare the journal entry to record the first interest payment on June 30 of the current year.
Answers: 1
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On January 1 of the current year, a company issued bonds dated January 1 with a par value of $600,00...
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